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HomeMy WebLinkAbout978773MORTGAGOR: JOSEPH B SHUMWAY Spouse of Arit Shumway 2325 HWY 241 Afton, WY 83110 ARIT SHUMWAY Spouse of Joseph B Shumway 2325 Hwy 241 Afton, WY 83110 husband and wife See Exhibit "A" attached hereto and made a partof 978773 10/10/2014 4:03 PM LINCOLN COUNTY FEES: $36.00 PAGE 1OF 9 BOOK: 841 PAGE: 175 MORTGAGE JEANNE WAGNER, LINCOLN COUNTY CLERK 11111111 1 1 1 1 1 1111 11111111111111 Space Above This Line For Recording Data MORTGAGE (With Future Advance Clause) DATE AND PARTIES. The date of this Mortgage (Security Instrument) is October 10, 2014. The parties and their addresses are: LENDER: THE BANK OF STAR VALLEY Organized and existing under the laws of Wyoming 384 Washington P.O. Box 8007 Afton, WY 83110 1. CONVEYANCE. For good and valuable consideration, the receipt and sufficiency of which is acknowledged, and to secure the Secured Debts and Mortgagor's performance under this Security Instrument, Mortgagor does hereby grant, bargain, convey, mortgage and warrant to Lender, with the power of sale, the following described property: The property is located in Lincoln County at 388 Hialeah Road, Afton, Wyoming 83110. Joseph B Shumway Wyoming Mortgage WY/ 4XPTOLMAN000000000006 7 606 7 1 0 1 01 4N Wolters Kluwer Financial Services ©1996, 2014 Bankers Systems^' 111110111111 111111111 u Ili III�1II�III1 11 0 1 1 0 1 0 2 0 1 Page 1 Together with all rights, easements, appurtenances, royalties, mineral rights, oil and gas rights, all water and riparian rights, wells, ditches and water stock and all existing and future improvements, structures, fixtures, and replacements that may now, or at any time In the future, be part of the real estate described (all referred to as Property). This Security Instrument will remain in effect until the Secured Debts and all underlying agreements have been terminated in writing by Lender. 2. SECURED DEBTS AND FUTURE ADVANCES. The term "Secured Debts" includes and this Security Instrument will secure each of the following: A. Specific Debts. The following debts and all extensions, renewals, refinancings, modifications and replacements. A promissory note or other agreement, No. 01704743, dated October 10, 2014, from Mortgagor to Lender, with a loan amount of $255,000.00. B. Future Advances. All future advances from Lender to Mortgagor under the Specific Debts executed by Mortgagor in favor of Lender after this 113ecurity Instrument. If more than one person signs this Security Instrument, each agrees that this Secur ty Instrument will secure all future advances that are given to Mortgagor either individually or with others who may not sign this Security Instrument, All future advances are secured by this Security Instrument even though all or part may not yet be advanced. All future advances are secured as if made on the date of this Security Instrument. Nothing in this Security Instrument shall constitute a commitment to make additional or future'' advances in any amount. Any such commitment must be agreed to in a separate writing, C. Sums Advanced. All sums advanced I3nd expenses incurred by Lender under the terms of this Security Instrument. 3. PAYMENTS. Mortgagor agrees that all Payments under the Secured Debts will be paid when due and in accordance with the terms of the Secured Dents and this Security Instrument, 4. PRIOR SECURITY INTERESTS. With regard to any other mortgage, deed of trust, security agreement or other lien document that created a prior security int1:rest or encumbrance on the Property, Mortgagor agrees: A. To make all payments when due and to Derform or comply with all covenants. B. To promptly deliver to Lender any notices that Mortgagor receives from the holder. C. Not to allow any modification or ext€ nsion of, nor to request any future advances under any note or agreement secured by the lien document without Lender's prior written consent. 5. CLAIMS AGAINST TITLE. Mortgagor will pay all taxes, assessments, liens, encumbrances, lease payments, ground rents, utilities, and other charges rel(,iting to the Property when due. Lender may require Mortgagor to provide to Lender copies of all notices tha�tl such amounts are due and the receipts evidencing Mortgagor's payment. Mortgagor will defend title to the P operty against any claims that would impair the lien of this Security Instrument. Mortgagor agrees to assign to Lender, as requested by Lender, any rights, claims or defenses Mortgagor may have against parties who supply labor or materials to maintain or improve the Property. 6. DUE ON SALE. Lender may, at its option, aleclare the entire balance of the Secured Debt to be immediately due and payable upon the creation of, or contract for the creation of, any transfer or sale of all or any part of the Property. This right is subject to the restrictio is imposed by federal law, as applicable. 7. WARRANTIES AND REPRESENTATIONS. Mortgagor has the right and authority to enter into this Security Instrument. The execution and delivery of tihis Security Instrument will not violate any agreement governing Mortgagor or to which Mortgagor is a party. 8. PROPERTY CONDITION, ALTERATIONS, IN PECTION, VALUATION AND APPRAISAL. Mortgagor will keep the Property in good condition and make all repair that are reasonably necessary. Mortgagor will not commit or allow any waste, impairment, or deterioration of th Property. Mortgagor will keep the Property free of noxious weeds and grasses. Mortgagor agrees that the nature of the occupancy and use will not substantially change without Lender's prior written consent. Mortgagor v ✓ill not permit any change in any license, restrictive covenant or easement without Lender's prior written consent. Mortgagor will notify Lender of all demands, proceedings, claims, and actions against Mortgagor, and of any loss or damage to the Property. Lender or Lender's agents may, at Lender's option, enter the Property at any reasonable time and frequency for the purpose of inspecting, valuating, or appraising the Property. Lender will give Mortgagor notice at the time of Joseph B Shumway Wyoming Mortgage WY/ 4XPT0LMAN00000000000676067101014N 'Wolters Kluwer Financial Services ©1996, 2014 Bankers Systems III 1 II I III I I I II1 I I III P I I, I I0 II I I III II I I I 11 Page 2 or before an on -site inspection, valuation, or appraisal for on -going due diligence or otherwise specifying a reasonable purpose. Any inspection, valuation or appraisal of the Property will be entirely for Lender's benefit and Mortgagor will in no way rely on Lender's inspection, valuation or appraisal for its own purpose, except as otherwise provided by law. 9. AUTHORITY TO PERFORM. If Mortgagor fails to perform any duty or any of the covenants contained in this Security Instrument, Lender may, without notice, perform or cause them to be performed. Mortgagor appoints Lender as attorney in fact to sign Mortgagor's name or pay any amount necessary for performance. Lender's right to perform for Mortgagor will not create an obligation to perform, and Lender's failure to perform will not preclude Lender from exercising any of Lender's other rights under the law or this Security Instrument. If any construction on the Property is discontinued or not carried on in a reasonable manner, Lender may take all steps necessary to protect Lender's security interest in the Property, including completion of the construction. 10. ASSIGNMENT OF LEASES AND RENTS. Mortgagor assigns, grants, bargains, conveys, mortgages and warrants to Lender as additional security all the right, title and interest in the following (Property): existing or future leases, subleases, licenses, guaranties and any other written or verbal agreements for the use and occupancy of the Property, including any extensions, renewals, modifications or replacements (Leases); and rents, issues and profits (Rents). In the event any item listed as Leases or Rents is determined to be personal property, this Assignment will also be regarded as a security agreement. Mortgagor will promptly provide Lender with copies of the Leases and will certify these Leases are true and correct copies. The existing Leases will be provided on execution of the Assignment, and all future Leases and any other information with respect to these Leases will be provided immediately after they are executed. Mortgagor may collect, receive, enjoy and use the Rents so long as Mortgagor is not in default. Upon default, Mortgagor will receive any Rents in trust for Lender and Mortgagor will not commingle the Rents with any other funds, Mortgagor agrees that this Security Instrument is immediately effective between Mortgagor and Lender. This Security Instrument will remain effective during any statutory redemption period until the Secured Debts are satisfied. As long as this Assignment is in effect, Mortgagor warrants and represents that no default exists under the Leases, and the parties subject to the Leases have not violated any applicable law on leases, licenses and landlords and tenants. 11. DEFAULT. Mortgagor will be in default if any of the following events (known separately and collectively as an Event of Default) occur: A. Payments. Mortgagor fails to make a payment in full when due. B. Insolvency or Bankruptcy. The death, dissolution or insolvency of, appointment of a receiver by or on behalf of, application of any debtor relief law, the assignment for the benefit of creditors by or on behalf of, the voluntary or involuntary termination of existence by, or the commencement of any proceeding under any present or future federal or state insolvency, bankruptcy, reorganization, composition or debtor relief law by or against Mortgagor, Borrower, or any co- signer, endorser, surety or guarantor of this Security Instrument or any other obligations Borrower has with Lender. C. Death or Incompetency. Mortgagor dies or is declared legally incompetent. D. Failure to Perform. Mortgagor fails to perform any condition or to keep any promise or covenant of this Security Instrument. E. Other Documents. A default occurs under the terms of any other document relating to the Secured Debts. F. Other Agreements. Mortgagor is in default on any other debt or agreement Mortgagor has with Lender. G. Misrepresentation. Mortgagor makes any verbal or written statement or provides any financial information that is untrue, inaccurate, or conceals a material fact at the time it is made or provided. H. Judgment. Mortgagor fails to satisfy or appeal any judgment against Mortgagor. I. Forfeiture. The Property is used in a manner or for a purpose that threatens confiscation by a legal authority. J. Name Change. Mortgagor changes Mortgagor's name or assumes an additional name without notifying Lender before making such a change. K. Property Transfer. Mortgagor transfers all or a substantial part of Mortgagor's money or property. This condition of default, as it relates to the transfer of the Property, is subject to the restrictions contained in the DUE ON SALE section. L. Property Value. Lender determines in good faith that the value of the Property has declined or is impaired. Joseph 8 Shumway Wyoming Mortgage WY/ 4XPT0LMAN00000000000878067101014N Wolter Kluwer Financial Services 0 1996, 2014 Bankers Systems Page 3 Ilill ft H #14111111 I I Pip IIIII Ihll 1 1 011111 1 111 II 111 IIN1 III M. Insecurity. Lender determines in gooc, faith that a material adverse change has occurred in Mortgagor's financial condition from the conditions set forth in Mortgagor's most recent financial statement before the date of this Security Instrument or that the prospect for payment or performance of the Secured Debts is impaired for any reason. 12. REMEDIES. On or after the occurrence f an Event of Default, Lender may use any and all remedies Lender has under state or federal law or in any document relating to the Secured Debts, including, without limitation, the power to sell the Property. Any amounts a vanced on Mortgagor's behalf will be immediately due and may be added to the balance owing under the Secure i Debts. Lender may make a claim for any and all insurance benefits or refunds that may be available on Mortgago 's default. Subject to any right to cure, required time schedules or any other notice rights Mortgagor may have under federal and state law, Lender may make all or an part of the amount owing by the terms of the Secured Debts immediately due and foreclose this Security nstrument in a manner provided by law upon the occurrence of an Event of Default or anytime thereafter. Upon any sale of the Property, Lender will property sold to the purchaser or purchasers Lender has not caused or allowed a li specially warrant and defend the Property's ti and demand of all persons claiming by, thro prima facie evidence of the facts set forth th m like deliver a special or limited warranty deed that conveys the s Under this special or limited warranty deed, Lender will covenant en or an encumbrance to burden the Property and that Lender will le of the purchaser or purchasers at the sale against all lawful claims u 3h or under Lender. The recitals in any deed of conveyance will be e �ein, All remedies are distinct, cumulative and not exclusive, and Lender is entitled to all remedies provided at law or equity, whether or not expressly set forth. Tie acceptance by Lender of any sum in payment or partial payment on the Secured Debts after the balance is du or is accelerated or after foreclosure proceedings are filed will not constitute a waiver of Lender's right to requi e full and complete cure of any existing default. By not exercising any remedy, Lender does not waive Lender's right to later consider the event a default if it continues or happens again. 13. COLLECTION EXPENSES AND ATTORNE ''S' FEES. On or after the occurrence of an Event of Default, to the extent permitted by law, Mortgagor agrees t• pay all expenses of collection, enforcement, valuation, appraisal or protection of Lender's rights and remedies u der this Security Instrument or any other document relating to the Secured Debts. Mortgagor agrees to pay e penses for Lender to inspect, valuate, appraise and preserve the Property and for any recordation costs of releasing the Property from this Security Instrument. Expenses include, but are not limited to, reasonable attorneys' fees after default and referral to an attorney not a salaried employee of Lender. These expenses are due and pay ble immediately. If not paid immediately, these expenses will bear interest from the date of payment until paid in full at the highest interest rate in effect as provided for in the terms of the Secured Debts. In addition, to the e tent permitted by the United States Bankruptcy Code, Mortgagor agrees to pay the reasonable attorneys' fees incurred by Lender to protect Lender's rights and interests in connection with any bankruptcy proceedings i iitiated by or against Mortgagor. 14. ENVIRONMENTAL LAWS AND HAZARD US SUBSTANCES. As used in this section, (1) Environmental Law means, without limitation, the Comprehensive Environmental Response, Compensation and Liability Act (CERCLA, 42 U.S.C. 9601 et seq.), all other federal, s ate and local laws, regulations, ordinances, court orders, attorney general opinions or interpretive letters concer ling the public health, safety, welfare, environment or a hazardous substance; and (2) Hazardous Substance me ns any toxic, radioactive or hazardous material, waste, pollutant or contaminant which has characteristics whic render the substance dangerous or potentially dangerous to the public health, safety, welfare or environment The term includes, without limitation, any substances defined as "hazardous material," "toxic substance," "ha ardous waste," "hazardous substance," or "regulated substance" under any Environmental Law. Mortgagor represents, warrants and agrees th4it: A. Except as previously disclosed and ackn )wledged in writing to Lender, no Hazardous Substance is or will be located, stored or released on or in the Property. This restriction does not apply to small quantities of Hazardous Substances that are generally r cognized to be appropriate for the normal use and maintenance of the Property. Joseph B Shumway Wyoming Mortgage WY/ 4XPT0LMAN00000000000676067101014N i 'Wol ers Kluwer Financial Services e1996, 2014 Bankers Systems.' Page 4 III 111111111 1111111 �III,II 1 III 1I1I11 II,DI I I II B. Except as previously disclosed and acknowledged in writing to Lender, Mortgagor and every tenant have been, are, and will remain in full compliance with any applicable Environmental Law. C. Mortgagor will immediately notify Lender if a release or threatened release of a Hazardous Substance occurs on, under or about the Property or there is a violation of any Environmental Law concerning the Property. In such an event, Mortgagor will take all necessary remedial action in accordance with any Environmental Law. D. Mortgagor will immediately notify Lender in writing as soon as Mortgagor has reason to believe there is any pending or threatened investigation, claim, or proceeding relating to the release or threatened release of any Hazardous Substance or the violation of any Environmental Law. 15. CONDEMNATION. Mortgagor will give Lender prompt notice of any pending or threatened action by private or public entities to purchase or take any or all of the Property through condemnation, eminent domain, or any other means. Mortgagor authorizes Lender to intervene in Mortgagor's name in any of the above described actions or claims. Mortgagor assigns to Lender the proceeds of any award or claim for damages connected with a condemnation or other taking of all or any part of the Property. Such proceeds will be considered payments and will be applied as provided in this Security Instrument. This assignment of proceeds is subject to the terms of any prior mortgage, deed of trust, security agreement or other lien document. 16. INSURANCE. Mortgagor agrees to keep the Property insured against the risks reasonably associated with the Property. Mortgagor will maintain this insurance in the amounts Lender requires. This insurance will last until the Property is released from this Security Instrument. What Lender requires pursuant to the preceding two sentences can change during the term of the Secured Debts. Mortgagor may choose the insurance company, subject to Lender's approval, which will not be unreasonably withheld. All insurance policies and renewals shall include a standard "mortgage clause" (or "lender loss payable clause endorsement that names Lender as "mortgagee" and "loss payee If required by Lender, all insurance policies and renewals will also include an "additional insured" endorsement that names Lender as an "additional insured If required by Lender, Mortgagor agrees to maintain comprehensive general liability insurance and rental loss or business interruption insurance in amounts and under policies acceptable to Lender. The comprehensive general liability insurance must name Lender as an additional insured. The rental loss or business interruption insurance must be in an amount equal to at least coverage of one year's debt service, and required escrow account deposits (if agreed to separately in writing). Mortgagor will give Lender and the insurance company immediate notice of any loss. All insurance proceeds will be applied to restoration or repair of the Property or to the Secured Debts, at Lender's option. If Lender acquires the Property in damaged condition, Mortgagor's rights to any insurance policies and proceeds will pass to Lender to the extent of the Secured Debts. Mortgagor will immediately notify Lender of cancellation or termination of insurance. If Mortgagor fails to keep the Property insured, Lender may obtain insurance to protect Lender's interest in the Property and Mortgagor will pay for the insurance on Lender's demand. Lender may demand that Mortgagor pay for the insurance all at once, or Lender may add the insurance premiums to the balance of the Secured Debts and charge interest on it at the rate that applies to the Secured Debts. This insurance may include coverages not originally required of Mortgagor, may be written by a company other than one Mortgagor would choose, and may be written at a higher rate than Mortgagor could obtain if Mortgagor purchased the insurance. Mortgagor acknowledges and agrees that Lender or one of Lender's affiliates may receive commissions on the purchase of this insurance. 17. ESCROW FOR TAXES AND INSURANCE. Mortgagor will not be required to pay to Lender funds for taxes and insurance in escrow. 18. WAIVERS. Except to the extent prohibited by law, Mortgagor waives all homestead exemption rights relating to the Property. 19. OTHER TERMS. The fallowing are applicable to this Security Instrument: A. Construction Loan. This Security Instrument secures an obligation created for the construction of an improvement on the Property. B. No Action by Lender. Nothing contained in this Security Instrument shall require Lender to take any action. 20. APPLICABLE LAW. This Security Instrument is governed by the laws of Wyoming, the United States of America, and to the extent required, by the laws of the jurisdiction where the Property is located, except to the extent such state laws are preempted by federal law. Joseph B Shumway Wyoming Mortgage WY/ 4XPTOLMAN00000000000676067101014N Wolters Kluwer Financial Services ©1996, 2014 Bankers Systems' III I VIII 111110 II an Ill I III 111111 I I II I 111111 111 111 I1 I II II 111 III 1 II I II II III III III 0 1 7 0 4 7 4 3 1 2 1 0 1 0 2 0 1 4 Page 5 21. JOINT AND INDIVIDUAL LIABILITY AN Instrument are independent of the obliga ti individually or together with any other Mortg a still be obligated under this Security Instrume to this Security Instrument may extend or any evidence of debt without Mortgagor' of this Security Instrument. The duties a successors and assigns of Lender and Mortga 22. AMENDMENT, INTEGRATION AND SE modified by oral agreement. No amendment writing and executed by Mortgagor and Lend Secured Debts are the complete and final exp is unenforceable, then the unenforceable p enforceable. 23. INTERPRETATION. Whenever used, the section headings are for convenience only an Instrument. 24. NOTICE, ADDITIONAL DOCUMENTS AN will be given by delivering it or mailing it by AND PARTIES section, or to any other addre be notice to all Mortgagors. Mortgagor will i or other application information. Mortgagor Lender requests to effectively mortgage or c and taxes in connection with the preparation deliver, and file any additional documents continue, and preserve Mortgagor's obligatio on any Property, and Mortgagor agrees to pa and recording thereof. Time is of the essence SIGNATURES. By signing, Mortgagor agrees Mortgagor also acknowledges receipt of a cop MORTGAGOR: oseph B Shumway ndividually Arit Shumway Individually Joseph 8 Shumway Wyoming Mortgage WY/ 4XPTOLMAN00000000000676067101014N Hill till1 1 11 J !II SUCCESSORS. Each Mortgagor's obligations under this Security ns of any other Mortgagor. Lender may sue each Mortgagor or. Lender may release any part of the Property and Mortgagor will e it for the remaining Property. Mortgagor agrees that Lender and any modify or make any change in the terms of this Security Instrument Mortgagor's consent. Such a change will not release Mortgagor from the terms d benefits of this Security Instrument will bind and benefit the for, ERABILITY. This Security Instrument may not be amended or r modification of this Security Instrument is effective unless made in :r. This Security Instrument and any other documents relating to the ession of the agreement. If any provision of this Security Instrument vision will be severed and the remaining provisions will still be singular includes the plural and the plural includes the singular. The 1 are not to be used to interpret or define the terms of this Security RECORDING FEES. Unless otherwise required by law, any notice irst class mail to the appropriate party's address listed in the DATE s designated in writing. Notice to one Mortgagor will be deemed to form Lender in writing of any change in Mortgagor's name, address will provide Lender any other, correct and complete information invey the Property. Mortgagor agrees to pay all expenses, charges nd recording of this Security Instrument. Mortgagor agrees to sign, or certifications that Lender may consider necessary to perfect, s under this Security Instrument and to confirm Lender's lien status all expenses, charges and taxes in connection with the preparation to the terms and covenants contained in this Security Instrument. y of this Security Instrument. Date 0//6/)1 Date Wol ers Kluwer Financial Services 1996, 2014 Bankers Systems'" Page 6 1111 Il l l 11 iii LENDER: The Bank Of Star Valley Lance P Robinson, Ice President ACKNOWLEDG ENT. OF .,iDw\\ C OF c���t/ SS. This instrum- t was acknowledged efore me this 1 day of Joseph B Shumway spouse of Arit Shumway, and Arit Shumway spouse of My commission expires: -f�9/7 LANCE P. ROBINSON NOTARY PUBU COUNTY OF STATE OF LINCOLN VYYOMIN MY COMMISSION EXPIRES MARCH 18,2016 (Len er Acknowledg e 't) OF ►V&A l �.K.t OF This instrument was ackno ledged before me thi /0 7-41-- Lance P. Robinson as Vice President of The Bank Of Star Valley. My commission expires: Date (N of Joseph B Shumway Wyoming Mortgage WY/ 4XPTOLMAN00000000000676067101014N Wolters Kluwer Financial Services ©1996, 2014 Bankers Systeme' III IIHIIII IIIIIIIIIIIII 111IIIIWUII11 1 11IIIIIII11IIIIIIII 1 )11 IIIVIII11 II dill4III Public) (Notary Public) PAM :E COUNTY OF LINCOLN TARY PUBLIC STATE OF WYOMING MYCOMMISSI0N IXPIRES MARCH 13, 2018 Cam' V by B Shumway. aCsiy by Page 7 Loan origination organization The Ban Of r Valley NMLS ID 460498 Loan originator rr� Ce (Ai SCA- NMLS ID c 51 5/ Joseph B Shumway Wyoming Mortgage WY/ 4XPT0LMAN000000000006760671010 1 II J Wolters Kluwer Financial Services 1996, 2014 Bankers Systems'" Page 8 110 II,1 111 111 VIII EXHIBIT "A" That part of the Southeast Quarter of the Southeast Quarter of Section 14, Township 31 North, Range 119 West, Lincoln County, Wyoming, being part of that tract of record in the Office of the Clerk of Lincoln County in Book 283 of Photostatic Records on Page 80, described as follows: BEGINNING at the Southeast corner of said Southeast Quarter of the Southeast Quarter; thence North 00 °04'22" East, 330.00 feet, along the East line of said Southeast Quarter of the Southeast Quarter, to a point; thence South 89 °38'44" West, 365.00 feet, along a line parallel with the South line of said Southeast Quarter of the Southeast Quarter, to a point; thence South 00°04'22' West, 330.00 feet, along a line parallel with said East line, to a point on said South line; thence North 89 °38'44" East, 365.00 feet, along said South line, to the CORNER OF BEGINNING